Germany, the largest producer of crude steel in Europe, has concluded that production volumes this year will be lower than in 2012. In addition, amid fierce competition in the global metal market, the German Steel Federation announced on Friday that it would lower its earlier forecast for steel production this year.
The WVS Federation said steel production is likely to fall 1 percent in 2013 from last year to 42.2 million tonnes. This figure is slightly below the previous forecast of 43 million tons announced earlier this year.
The federation also reported that steel output in Germany, the seventh largest crude steel producer in the world, saw a 5.4 percent drop in July 2013 compared to the same period in 2012. In addition, this is its sixth consecutive fall this year when compared to the previous month, which reflects the final report of the German Steel Federation.
In connection with this state of affairs, the adjusted forecast looks rather optimistic, according to the Steel Federation. As the latest forecast for crude steel production in Germany in 2013 is based on the stabilization of the global steel market in the second half of this year, analysts believe.
